Oil edges down with Ukraine peace talks, US rate decision in spotlight

Oil prices edged down on Tuesday, extending losses from the 2% drop in the previous session, with markets keeping a close eye on peace talks to end Russia’s war in Ukraine, concerns about ample supply and a looming decision on US interest rates. Brent crude futures were down 7 cents, or 0.1%, to $62.42 a barrel at 0717 GMT. US West Texas Intermediate crude was at $58.75, down 13 cents, or 0.2%. Both contracts fell by more than $1 a barrel on Monday after Iraq restored production at Lukoil’s West Qurna 2 oilfield, one of the world’s largest. Ukraine will share a revised peace plan with the US after talks in London between its President Volodymyr Zelenskiy and the leaders of France, Germany and Britain.